Suppose that typical CPI basket for consumers contains 3 goods: 5 wheels of cheese, 3 t-shirts, and 10 gallons of gasoline. The prices of the goods in 2019 and 2020 are listed below:  Item  Prices 2019 Prices 2020 Cheese $5 $10 T-shirt $10 $15 Gallon of Gasoline $3 $6   A) Find the cost of the CPI Basket in 2019:  B) Find the cost of the CPI Basket in 2020:  C) Using 2019 as the base reference period, calculate the CPI for 2020 D) What is the inflation rate in 2020?  E) Suppose that you made $40,000 in 2019 and $41,000 in 2020. What has happened to your real income from 2019 to 2020?

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